What are the two words no university learner is happy to hear?
The answer: student debt.
For US students however, this word has become even more of a burden since NeighborWorks America released their national housing survey.
By taking a closer look at the impact of student loan debt in the US, NeighborWorks discovered that homeownership has been a hot topic of debate, since many struggle to complete the payments their loan providers demand.
According to a recent article by The Washington Post, a spokesperson from NeighborWorks explained that, “Millennials are shouldering most of the ballooning student loan debt which has risen 130 percent since 2008.”
Acknowledging that outstanding student loans hit $1.53 trillion in the second quarter of 2018, The Washington Post listened to public perspective and published a statement from one of their readers who has $70,000 in loans.
As the reader states, “Student loan debt is the only reason I do not own a home. Even with ridiculous property prices in the District, I would be able to swing at least a halfway decent condo in a good location – if I wasn’t paying hundreds upon hundreds of student debt each month.”
When it comes to renting vs. buying a home, people across the country express their dissatisfaction: Only 44% say homes are affordable. Just one finding from our annual housing survey. Take a look at the rest. https://t.co/ZCoHdBA7Cj #Reinventing18 #Homeownership
— NeighborWorks (@neighborworks) October 3, 2018
Of course, the US isn’t the only country tackling student loan debt right now and you must always remember that there are plenty of support services that can help you manage the payments.
But perhaps it’s best to think twice before pulling out hefty sums of money from student loan companies whether you’re in or outside of the US.
Liked this? Then you’ll love…
Why it’s important to embed software development skills early on in education
Opinion: The UK government has a responsibility to ease crippling student debt